While at the same time having already used the refi money for another property somewhere els.You don't specifically have to take out the same amount of debt as you have in your old property. 

If each co-owner has an undivided half interest then have the co-owner who wants to sell, write out a detailed affidavit with any available documentation -listing all of the expenses that each co-owner has paid for mortgage, taxes, insurance, maintenance etc, during the last three years (or whatever your local statute of limitations is to file for unpaid debt). 

I'll double down on the fact that unless sellers are in the real estate industry or have some kind of investment experience, they are unlikely to take the burden of servicing the debt.

Note that the 1% rule in most cases will not meet a commercial lenders debt coverage requirements, which is telling-----The 1% rule is only a rule of thumb, and in most markets doesn't cash flow well enough either.

We both have careers and are putting as much money away as we can in our IRA, 401k, etc, while paying the mortgage and our student loan debt.

@Erik Whiting  I get the U cant eat equity.. rationale.. but there are other uses for equity that are not really talked about on BP simply becasue 95% of the folks here are in one asset class rental houses or units.In other real estate endevours equity is a critical part to enable one to take down different types of debt IE construction and development loans.  

yes, agency debt usually comes with 10-13 year life, and you may need a golden ticket to qualify.

@Melissa Gunther In general, assigning debt to properties is not a good idea...but I'm sure many disagree with that.

With my finances around 1,000 in savings and yearly income at 66,000, solid credit score with very minimal credit card debt.

Are you looking to purchase just in your 3 names - and if so, it sounds like your income is good, but you also need to account for each persons personal debt as well.